I am a real estate wholesaler
I wholesale houses. It’s a very profitable way to get started in real estate investing. My only expenses are marketing and a few online resources to help you stay organized. As I’m typing this I just made 20k on one deal. Literally, here is the text.
The seller was a good dude. He really liked to talk. I knew I had to block off an hour of phone time every time I called him. But it was worth it. A big part of this business is building rapport with the seller. They MUST like you and trust you. We eventually became friends and still stay in touch. Anyway, back to how I bought a house for free.
At one point during negotiations he told me he was going to list the properties. A realtor got in his ear about leaving money on the table, which happens all too often. That day, I drove up to the marina where he worked and spent half the day with him. He buffs and waxes boats. Pretty cool side hustle. I talked to him for 3 hours about boats, our families, just life in general. We really connected.
At the end of the conversation he was basically apologizing to me that he even considered listing the properties with a realtor. He felt we made a strong offer and it would probably be a wash even if he did list them with commissions and closing costs coming out. We shook hands and agreed to get the ball rolling.
The art of wholesaling
Usually when I wholesale a deal, it’s just one house. My average deal size for one house is right around 15k. When I first started, I was afraid to markup my deals even 10k. I quickly realized if you have a smokin’ hot deal on your hands most buyers could care less if they are paying you 10k or 100k for a deal. As long as it’s still a deal for them, you’re good.
I knew I had some meat on the bones on this one. I casually marked up each around 15k to start and sent out my marketing package. Sure enough, the phone starting ringing. It didn’t take long before I had 8 of them assigned. One guy bought 3 and I gave him a discount since he helped me move 2 more. Another guy bought the other 3.
How I bought a house for free
I wrote a check for 67k to buy one for myself, but the total assignment fees on this deal covered that 67k. And that, my friends, is the story of how I bought a house for free. Well, in this case, a duplex. All it took was one postcard, one phone call to get things started. Fast forward 3 months and I now own a duplex and collect $1,500/month in rent with the same amount of money in my bank account. Well, thats not true either. I have more. Because I’ve closed about 7 more wholesale deals during that time as well.
Do you want to buy a house for free? Translation: Make a lot of money quickly to buy a house with cash? Bookmark this site and check this out to take action today and get your first wholesale deal ASAP!